Meanwhile, the benchmark BSE Sensex opened on a cautious note at 37,035.44, down by 55.38 points; while the NSE Nifty was trading at 11,132.20, lower by 16 points.

On the global front, US President Donald Trump remained adamant on his policy to impose a hefty import duty on Chinese products, which has resulted in a quick retaliation from China and a massive downslide in the American stock market fearing a US-China trade war.

"There can be some retaliation, but it can't be very, very substantial, by comparison," Trump told reporters at the Oval Office of the White House, which was soon after China announced retaliatory tariffs on import of American products.